For those of you who do not know, the Warlock 4t7 bonus is called
Spirits of the Damned, and grants 300 spirit for 10 seconds following a lifetap.
The gain on the buff, after Kings, is about 129 spellpower if you have Demonic Aegis. Thus, the value of the buff becomes:
129 spellpower * % uptime
which becomes:
(129 spellpower * 10 * number of lifetaps)/length of fight
I believe a key point here is that you never want to lifetap for the sake of the buff, if you don't need the mana. You still want to end at 0 mana, and a 129 spellpower gain for 5 casts does not offset the lost global CD.
A second key point is that there are some Illidan type fights which allow you to refill your mana bar during downtime, thus effectively nullifying the value of the bonus. Sapphiron, Heigan, Noth, 4H, and a few others have this property to some degree. The tank and spank (for us) fights clearly do not.
A third key point is that 2t7 clearly has some value, in all situations, so I will assume it is already being used.
For those of you who have all the Valorous pieces, I think the question becomes moot. You use Valorous gloves, legs, and shoulders, which are all best in slot or close to it, and you pick 1 of the 2 remaining slots and fill your bonus.
For those of you using Heroes' pieces, the question becomes: Should I use 1-2 ilvl 200 Heroes pieces (particularly the awful chest) over ilvl 213 or 226 pieces that are individually and collectively superior and forego the 4t7 buff?
Looking for people's thoughts on how to better quantify the bonus. There are also some intricate details, as well. For example, added haste in gear increases your mana throughput, causing you to lifetap more, increasing your buff uptime, so haste might be worth slightly more than it was otherwise. Similarly, added spirit causes you to lifetap less, so spirit might be slightly devalued.